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Rice Records 92% Price Hike In 6Years, Despite CBN Interventions

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Research has shown that the price of a 50kg bag of locally produced rice rose by about 92 percent between January 2016 and December 2021 despite the numerous measures taken by the Federal Government to reduce the cost of the staple.

A survey of markets across Abuja and Lagos states reveals that the current average cost of a 50kg bag of rice is N25,000, against N13,000, the price in 2016.

This means that within a six-year period, the price of rice rose by about N12,000 or 92.3 per cent.

This increase came amid interventions of the government through the apex monetary authority, the Central Bank of Nigeria, to crash the price of rice in the country.

The most recent intervention of the CBN was the unveiling of 13 mega rice pyramids in Abuja, purportedly containing over one million bags of rice paddy bags.

While unveiling the pyramids, the President, Major General Muhammadu Buhari (retd.), disclosed that the bags of paddy, when processed and supplied to markets, would drive down the price of the rice.

 “I am aware that the bags of paddy will be moving straight from here to rice milling plants across Nigeria, which leads to the release of processed rice to the markets by the rice millers. The measure will aid our efforts at reducing the price of rice in Nigeria,” Buhari had said.

The pyramids assembled in Abuja are a part of the CBN’s rice revolution scheme ushered in by its Anchor Borrower’s Programme.

The ABP is an elaborate low-interest loan scheme launched in November 2015 by the President through the CBN.

Under the programme, concessionary loans with a five per cent interest rate are disbursed through Deposit Money Banks, development finance institutions, and microfinance banks to farmers.

The CBN Governor, Godwin Emefiele, had last week announced that the interest rate on the loans which were expected to revert to nine per cent by March this year, would remain at five per cent for another year, ending March 1, 2023.

According to the CBN, the broad objective of the programme is to create economic linkage between smallholders and reputable large-scale processors with a view to increasing agricultural output and significantly improving the capacity utilisation of agricultural firms.

Categories of farmers captured under this programme include those cultivating cereals such as rice, wheat and maize, cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock.

As of February 2022, the apex bank had disbursed a total of N984bn to over 4,400 smallholder farmers across the country, the CBN’s chief revealed last week.

Since its introduction, the CBN has released and modified guidelines to the ABP to ensure its effective implementation.

Additionally, in 2015, the CBN stopped the importers of rice and other 41 items from accessing foreign exchange in the official window, in order to encourage local production.

It also banned rice imports across land borders and kept 70 per cent tariffs on imports coming through ports.

While these interventions may have increased local production, the price of rice appears to be unaffected.

Emefiele said during the launch of the rice pyramids that rice production rose to nine million metric tons as of the end of 2021 from about 5.4m MT recorded in 2015.

A feat, he attributed to the implementation of the ABP by the government.

Reacting to the development, stakeholders in the agriculture sector linked the surge in the price of rice during the review period to the shortage of supply to markets.

The President, All Farmers Association of Nigeria, Kabir Kebram, attributed the low supply to insecurity in food-producing states, dwindling value of the naira, as well as the poor implementation of the ABP.

Kebram argued that the approach chosen by the CBN to disburse loans under the programme might be counterproductive as it greatly increased the chances of mismanagement and abuse of funds.

He said, “Well, there are many reasons for this, the principal reason being that there is the inadequacy of supply. Also, the purchasing power of the naira has dwindled and this has affected the cost of almost all the products and products we buy today.

“There is general food inflation as well as other inflation, even the World Bank has said that Nigeria has to do a lot to curb the inflation because it is destabilising the economy.

“And the low supply is also dependent on many things such as insecurity which is preventing our farmers from going to their farms. We also have the Anchor’s Borrowers Programme of the CBN.

“If you are putting in a lot of money in the hands of people to produce items and you are doing it using due diligence, you are likely to cause some imbalance in the market and the psyche of the people. The reality is when there is so much money in circulation, abuse is possible or mismanagement.”

To drive down the cost of the staple, the AFARN president advised the CBN to swiftly release the paddy bags assembled as pyramids in Abuja to millers for immediate processing, stating that this would increase supply.

BIG STORY

Father Of Man Who Killed Mother, Six Children Wants Him Killed Without Trial

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Malam Auwal, the father of Umar Auwal, who was accused of killing a mother and her six children, has said he should be killed without trial.

He said his son had earlier killed his sister and plucked out her eyes, apart from the other two housewives he also murdered.

Auwal, who spoke in an interview on a radio station, said: “What he committed against my younger sister and her six children, my wife’s younger sister, and her co-wife is condemnable.

“I distance myself from him.

“I don’t even want them to waste time on prosecution.

“Umar and his likes are supposed to be eliminated.

“They are not supposed to be remanded and fed with taxpayers’ money.”

Auwal, who commended the police for their handling of the case, said neither he nor his wife would attend court proceedings during the trial.

Umar was accused of murdering his aunt, Fatima Abubakar, 35, and her six children in their residence at Dorayi Gidan Kwari, Kano, Kano State.

The names and ages of the children were given as Maimuna (17), Aisha (16), Bashir (13), Abubakar (10), Faruk (7), and Abdussalam (one-and-a-half years old).

The Kano State Police Command said the suspect had confessed to the killings as well as those of two housewives in the Tudun Yola area of the state.

 

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BIG STORY

Pressure Mounts on Omooba Abimbola Onabanjo To Step Down But He Refuses As Political Plot To Capture Awujale Stool Falters

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A determined bid to force Omooba Abimbola Onabanjo out of the ongoing Awujale succession process has stalled in Ogun State, as the prince has refused all pressure to step down despite tactics that insiders describe as intimidation, institutional threats, and cultural blackmail.

Palace and civic sources disclosed that the pressure campaign began after kingmakers from the Fusengbuwa ruling house refused to nominate an aspirant believed to be the preferred choice of powerful political figures in the state. The refusal reportedly disrupted the political plans and triggered a coordinated attempt to push Onabanjo out of the race.

Selection Process Suspended after Kingmakers Reject Unworthy Candidate

The selection process was later suspended, a move insiders say was connected to the failed attempt to impose the preferred aspirant. According to those familiar with the matter, the kingmakers insisted that they would not nominate strangers, unworthy persons, or candidates who do not possess the cultural legitimacy required for the ancient throne.

Kingmakers Face Threats Over Ijebu Development Projects

In a dramatic twist, palace sources alleged that the kingmakers were told that if they failed to nominate the candidate preferred by the political class, there would be no Ijebu State and the long-awaited Ijebu Dry Port project would be suspended. Both projects have been major aspirations of the Ijebu people for decades.

A palace source described the development as shocking and disgraceful, noting that weaponizing development against a cultural institution is an insult to the community.

Attempt to Use Institutions Backfires

After failing to bend the kingmakers, attention shifted toward eliminating Onabanjo from the contest. Petitions were reportedly taken to the Economic and Financial Crimes Commission and the Department of State Services in an attempt to intimidate him. However, sources claimed that both institutions indicated that they found nothing against him and would not be used as instruments in the succession struggle.
With that avenue blocked, analysts say conversations began about formulating fresh accusations and smear attacks to weaken the prince’s public standing before the process resumes.

Public Outrage as Communities Push Back

The revelations have generated outrage across Ijebu land, with civic voices demanding that politicians withdraw from the succession process before further damage is done.

“This is oppression disguised as politics,” said Kazeem Shobande, a civic advocate in Ijebu Ode. “Threatening to suspend Ijebu State or the dry port project simply because you want to install your own candidate is an insult to the entire community.”

“This is favouritism mixed with entitlement,” added Mrs Funmilola Adekunle of Ijebu Imushin. “Tradition cannot be rigged. The kingmakers have said they will not nominate unworthy candidates. Politicians must not trivialize their own legacies or ridicule the throne.”

Retired civil servant and cultural historian Oladipo Onifade warned that the interference risks reducing the Awujale stool to a tool for political bargaining. According to him, even colonial administrators avoided meddling in the Awujale succession, and modern leaders should avoid disgracing themselves.

Onabanjo Stands His Ground

Despite private emissaries and attempts at negotiation, sources close to Onabanjo confirmed that he has refused to step down. The prince reportedly told associates that the throne belongs to Ijebu sons and that the succession must follow tradition, not political preferences.

A Struggle Between Tradition and Power

Observers warn that continued interference risks triggering a legitimacy crisis and setting a dangerous precedent in Yoruba land. With the selection process still suspended, civic groups are calling for its immediate resumption, free from political influence.

For now, political actors have failed to push Onabanjo out and have attracted condemnation for attempting to manipulate one of the most ancient royal institutions in the region.

Whether they escalate further or withdraw from the arena remains to be seen.

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BIG STORY

Malami Accuses DSS of Denying Him Access To Family, Legal Team

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Abubakar Malami, former Attorney-General of the Federation (AGF) and Minister of Justice, has accused the Department of State Services of denying him access to his family members and legal team.

Malami, who is standing trial alongside his son and wife over allegations bordering on money laundering, was arraigned by the Economic and Financial Crimes Commission (EFCC) and subsequently remanded at the Kuje Correctional Centre in Abuja.

On January 7, a federal high court in Abuja granted him bail in the sum of N500 million.

However, shortly after his release from the facility on Monday, DSS operatives arrested Malami at the front of Kuje prison.

The former minister was reportedly re-arrested following the alleged discovery of arms at his residence.

In a statement on Wednesday, Mohammed Doka, the media aide to the former AGF, said the reports that DSS found arms at Malami’s residence are “false, unsubstantiated and unsupported by any official record”.

Doka said no such discovery has been formally communicated to Malami’s family or legal representatives.

He said the “prolonged isolation” of Malami by the DSS raises legitimate concerns regarding his safety, welfare, and constitutionally guaranteed rights. ”

“We categorically reject claims that any cache of arms or ammunition was discovered in any residence linked to Abubakar Malami, SAN,” the statement reads.

“These claims are false, unsubstantiated, and unsupported by any official record, judicial document, or lawful disclosure. No such discovery has been formally communicated to his family or legal representatives.

“We also firmly deny allegations or insinuations linking Abubakar Malami, SAN, to terrorism, terrorism financing, or related activities.

“Such claims have been advanced without naming a single individual, organisation, transaction, date, or piece of verifiable evidence, rendering them speculative and irresponsible.

“Since his arrest on Monday by the DSS, Abubakar Malami, SAN, has been denied access to his family, legal team, and associates.

“This prolonged isolation raises legitimate concerns regarding his safety, welfare, and constitutionally guaranteed rights, including access to legal counsel and family contact.

“We further express concern over the undue hardship and emotional strain placed on his family and staff as a result of sensational reporting and unverified narratives.

“It is important to note that Abubakar Malami, SAN, is a prominent chieftain of the African Democratic Congress (ADC) and has publicly declared his intention to contest the Kebbi State governorship election in 2027.

“Against this background, the political undertones now surrounding this matter cannot be ignored. Legal processes must remain insulated from political considerations.”

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